Core Viewpoint - Caterpillar is leveraging the AI boom and expanding its business mix, resulting in record stock highs and significant revenue growth, reminiscent of the "picks and shovels" strategy during the Gold Rush [1][2]. Group 1: Stock Performance and Market Capitalization - Caterpillar's shares have reached record levels, with market capitalization increasing from $270 billion at the end of 2025 to approximately $364 billion as of February 13, 2026 [2] - The stock has more than doubled over the past 12 months, hitting an all-time high of $775, significantly outperforming major tech companies like Apple and Microsoft [2] - Caterpillar has been the top performer in the Dow over the past year, driven by its exposure to data centers, energy infrastructure, and AI-related demand [2] Group 2: Business Strategy and Leadership - The company has diversified its business to include energy and power systems, as well as resource and mining equipment [3] - CEO Joseph Creed, who has been with the company since 1997, emphasizes a strategy focused on commercial excellence, advanced technology leadership, and operational excellence [4][3] Group 3: Financial Performance - Caterpillar reported record full-year sales and revenue of $67.6 billion, the highest in its history, driven by strong demand across construction, resource, and energy sectors [5] - Adjusted earnings per share (EPS) for the year were $19.06, with fourth-quarter adjusted EPS at approximately $5.16, exceeding analysts' expectations [5] - The company has a record order backlog of $51 billion, up about 70% year over year, indicating strong demand visibility for 2026 [6] - Total full-year sales increased by 4% compared to the previous year, and robust free cash flow has strengthened the company's balance sheet [6]